The Nigeria Deposit Insurance Corporation (NDIC) has called on banks to strengthen risk management practices, corporate governance and operational preparedness to withstand emerging threats to the financial system.
Managing director of NDIC, Thompson Sunday, who gave the charge in a goodwill message at the 19th annual banking and finance conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, noted that across the world, rapid technological advancement, cyber risks, climate-related concerns, geopolitical uncertainties, and evolving customer expectations are reshaping the financial services landscape.
He noted that while the development presents significant challenges, it also creates opportunities for innovation, growth, and greater financial inclusion.
Sunday said building a resilient financial system is a shared responsibility requiring sustained collaboration among regulators, financial institutions, fintech operators, payment service providers, professional bodies and other stakeholders.
He added that the increasing adoption of technology in financial services has improved financial inclusion and access but also created new risks involving cybersecurity, data protection, fraud and operational resilience.
“Our collective responsibility is to ensure that innovation strengthens the safety, soundness, and integrity of the financial system,” Sunday said.
The NDIC boss also said banks must continue to provide financing for entrepreneurship, infrastructure, agriculture, manufacturing and other productive sectors to support sustainable economic development.
He urged financial institutions to move beyond reacting to crises and focus on anticipating, preparing for and managing emerging risks through continued investment in people, technology, governance and institutional capacity.
Dele Alabi, president and chairman of council of CIBN, said disruption has become a defining feature of the global economy, citing geopolitical tensions, rising energy costs and rapid technological change.
